HBK Investments L P Has $8.88 Million Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

HBK Investments L P lessened its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 14.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 443,875 shares of the company’s stock after selling 74,658 shares during the quarter. HBK Investments L P’s holdings in Fortrea were worth $8,878,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. nVerses Capital LLC acquired a new position in shares of Fortrea during the 2nd quarter worth about $26,000. Hara Capital LLC acquired a new stake in Fortrea during the 3rd quarter valued at $29,000. Gladius Capital Management LP bought a new position in Fortrea during the second quarter worth $30,000. Blue Trust Inc. raised its position in shares of Fortrea by 2,515.8% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after purchasing an additional 1,434 shares during the period. Finally, University of Texas Texas AM Investment Management Co. lifted its stake in shares of Fortrea by 125.0% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after buying an additional 1,250 shares during the last quarter.

Fortrea Trading Up 4.2 %

Shares of NASDAQ:FTRE opened at $21.55 on Friday. Fortrea Holdings Inc. has a one year low of $16.53 and a one year high of $41.02. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a 50 day simple moving average of $19.45 and a 200 day simple moving average of $22.63.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. During the same period in the previous year, the business posted $0.24 earnings per share. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, research analysts anticipate that Fortrea Holdings Inc. will post 0.57 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FTRE. Citigroup reduced their price objective on Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Robert W. Baird boosted their target price on shares of Fortrea from $28.00 to $30.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Barclays raised their price target on shares of Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. Bank of America cut their price target on Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research note on Tuesday, August 13th. Finally, Evercore ISI dropped their price objective on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Fortrea has an average rating of “Hold” and a consensus target price of $24.50.

About Fortrea

Fortrea Holdings Inc, a contract research organization, primarily engages in the provision of biopharmaceutical product and medical device development services worldwide. The company operates through two segments: Clinical Services and Enabling Services. The Clinical Services segment provides across the clinical pharmacology and clinical development spectrum.